Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Certain Initial and Continued Listing Standards

ngs is consistent with other dual listing venues. See, for example, Nasdaq Texas IM-5220 and Texas Stock Exchange Rule 16.205 --------------------------------------------------------------------------- Rule 19. Corporate Governance Because the Exchange proposes to adopt a single listing tier, it proposes to delete references to Tier I in the preamble to Rule 19. The Exchange proposes to update rule citations through newly numbered Rule 19 to reflect the correct references. In Interpretations and Policies .03(b)((3) to Rule 19, the Exchange proposes to specify that open-end funds (including open-end funds that can be listed or traded as investment company units) are not required to comply with the annual meeting requirement of Rule 19(j). The Exchange notes that such category of open-end funds are exempt from exchange annual meeting requirements on the New York Stock Exchange and NYSE American.\32\ Open-end funds, also known as exchange-traded funds (``ETFs''), receive regular disclosure documents describing the pricing mechanism for their securities and detailing how they can value their holdings. Moreover, the net asset value of an ETF is determined by the market price of each fund's underlying securities or other reference asset. Because shareholders can value their investments on an ongoing basis, the Exchange believes that there is less need for shareholders to engage manag